Kazuhiko Asakawa

Speaking publicly for the first time since AIJ made headlines for losing client funds, the company president, Kazuhiko Asakawa, said that while he did cover up losses of $1.3 billion, he had never intended to cheat his customers and had been confident that the firm could recover the money.

Japanese regulators widened their investigation of AIJ Invesment Advisors Co. to Hong Kong as they considered extending the suspension of AIJ’s activities. At the same time, a client of the advisory firm said as its own shares tumbled that it will seek to recover its losses.

AIJ Investment Advisors was temporarily shut down by Japanese regulators on Friday over fears that it may have concealed substantial losses in the $2.6 billion it manages, mostly for the pension plans of small- and medium-size corporations.

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